Rewards
Maximizing Revenue Streams Through Centralized Resident Rewards
Incorporating a resident rewards program into the digital payments process is not just a passing trend, it’s a complete game changer.
Incorporating a resident rewards program into the digital payments process is not just a passing trend, it’s a complete game changer.
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Incorporating a resident rewards program into the digital payments process is not just a passing trend, it’s a complete game changer.
Incorporating a resident rewards program into the digital payments process is not just a passing trend, it’s a complete game changer.
Terri Nicholson, SVP of Strategic Accounts & Partnerships at Domuso, shared her industry knowledge and expertise in a recent article on The Multifamily Journal:
With a notable rise in operational costs and a rent growth rate of -1% year-over-year, coupled with skyrocketing interest rates, operators are on the hunt for practical ways to increase revenue in their communities. One strategy that has proven to be extremely effective is the centralization of resident reward programs that offer unique incentives for positive resident behavior.
With the popularity of loyalty programs rapidly gaining steam in other industries, it should be no surprise that utilizing them in the multifamily space is helping operators succeed in a multitude of ways. From diminishing delinquencies and encouraging lease renewals to strengthening resident loyalty, revolutionary rewards programs are transforming the entire industry.
Incorporating a rewards program into the digital payments process is not just a passing trend, it’s a complete game changer. When it’s applied to concessions and incentives, operators are able to gain valuable insights into modern resident behavior. By having immediate access to vital data and analytics, operators obtain a clear understanding of what motivates today’s residents to not only pay rent on time, but to renew their leases, as well.
To attract and retain more residents, and subsequently boost revenue, today’s operators must utilize modern financial-centric amenities, such as a digital payment platform that encompasses a resident loyalty program.
At its core, a loyalty program is a modern amenity that many residents appreciate. Just as a quality fitness center is on many renters’ wish list when searching for an apartment home, receiving cash back rewards simply for paying rent on-time is becoming a sought after feature that helps today’s communities standout. Operators offering tangible benefits that improve the overall living experience gain a competitive edge over market competitors.
By providing meaningful rewards in exchange for on-time payments and resident loyalty, many communities are seeing a surge in satisfaction levels, which is paramount to achieving sustainable success. When residents are content, increased occupancy rates are sure to follow. A happy resident is more likely to make on-time or even early rent payments, refer new residents to the community and renew their lease, all of which are crucial factors in accelerating income for a property.
Forward-thinking operators know the importance of making the renting process seamless and enjoyable. Integrating a centralized resident rewards program within the payments process significantly elevates resident engagement. Paying rent becomes an experience that residents are excited about because of the amazing benefits afforded by a loyalty program. Additionally, satisfied residents are more willing to post a review or attend community events, creating a stronger sense of community among residents and associates alike.
The financial benefits of centralizing resident rewards cannot be overstated. Operators that have tapped into the modern era of concessions and incentives are experiencing tremendous results, including increased satisfaction, elevated resident engagement, optimal occupancy and higher renewal rates. Additionally, operators have total transparency regarding the effectiveness of their loyalty programs and the subsequent changes in resident behavior, helping them better tailor their offerings. These crucial factors all serve as integral contributions to a healthy bottom line, making a centralized rewards program fundamental to driving a successful community.
This article originally appeared on Multifamily Journal >>
Domuso is driving digital transformation for the multifamily industry with an advanced platform to reward positive renter behaviors and manage rent payments. Domuso captures 100% of a property’s receivables electronically while giving residents the flexibility to access multiple payment methods from any mobile device.
